The most important announcement was that Serguei Popov had joined the network’s supervisory board. IOTA’s network has not seen any major news after the announcement on Shimmer that happened in 2021. Still, for a long time, IOTA has been named as a ghost chain meaning that it has no major projects in its network. It will achieve that by enabling parallel smart contracts and by combining blockchain smart contracts on L2 with advanced UTXO types on L1. Its smart contract is a DLT platform that aims to become a faster and cheaper alternative to existing ones. In 2021, the IOTA price jumped when the network launched Shimmer, which is a smart contract network. IOTA also aims to become a platform for developers. Using its platform, the organization helps businesses to cut paperwork by more than 50%. For example, it has a partnership with Trademark East Africa, a non-governmental organization that promotes cross-border business in the region. IOTA simply works with leading organizations to help them simplify their processes. Tangle differs from blockchain in that its transactions are not gathered in blocks or organized linearly. Tangle, on the other hand, is a process that uses a technology known as DAG, which stands for Direct Acrylic Graph. Most cryptocurrencies that you know about are all built using the blockchain technology. In a blockchain, blocks of transactions are confirmed through distributed ledger technology (DLT). There is a difference between blockchain and tangle. Instead, it describes itself as a tangle project that helps organizations solve some of their most difficult challenges like on supply chain and cross-border management. MIOTA has a market capitalization of more than $2.5 billion, making it the 53rd biggest cryptocurrency in the world. IOTA stands for Internet of Things Application and is one of the leading platforms in the world.
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